Group 1 - The coal industry has seen significant improvements in the standardization, proactivity, and coverage of ESG information disclosure among listed companies, with a disclosure rate reaching 79.55% by May 2025, an increase of over 21.41 percentage points compared to 2024 [1] - The distribution of ESG ratings among coal listed companies has improved, with the proportion of AA ratings increasing from 2.9% in 2024 to 4.55% in 2025, A ratings from 2.9% to 6.82%, and BBB ratings from 11.8% to 38.64% [1] - Several listed coal companies have introduced carbon reduction targets in their 2024 ESG reports [1] Group 2 - China Shenhua has set a carbon peak target for 2021-2030, aiming to limit carbon emissions to a 70% increase compared to 2020 by 2030, with current progress at a 47.8% increase [2] - Yancoal Energy aims to reduce carbon emissions by 700,000 tons annually by 2025 and plans to increase the share of clean energy utilization to over 10% by 2030 and achieve 80% non-fossil energy consumption by 2060 [2] Group 3 - Digital tools are aiding companies in their green transformation, with Huayang Co. achieving full automation in its production mines three years ahead of schedule, resulting in an efficiency increase of 249.52 tons per person [3] - Shaanxi Coal Industry has developed an online monitoring platform for energy conservation and environmental protection, utilizing IoT technology for real-time data aggregation and analysis [3] - China Shenhua has introduced AI technology to enhance supply chain management and established a big data platform for in-depth analysis of supply chain data [3] Group 4 - The ESG rating is not only a compliance requirement for coal listed companies but also a strategic tool for linking capital, managing risks, and enhancing competitiveness, with room for improvement in ESG ratings [4] - Companies that complete ESG capability building ahead of others will achieve a win-win situation in social benefits and commercial value amid the dual mission of energy supply and low-carbon transition [4]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-040 1 的文件并申请 A 股股票复牌。 本次交易正处于筹划阶段，交易各方尚未签署正式的交易协议，且本次交易 尚需提交公司董事会、股东大会审议，并经有权监管机构批准、审核通过或同意 注册后方可正式实施，最终能否实施尚存在不确定性，有关信息均以公司指定信 息披露媒体发布的公告为准。敬请广大投资者理性投资，注意投资风险。 中国神华能源股份有限公司 关于筹划发行股份及支付现金购买资产 并募集配套资金暨关联交易事项的停牌进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国神华能源股份有限公司（以下简称"中国神华"或"公司"）正在筹划 发行 A 股股份及支付现金购买控股股东国家能源投资集团有限责任公司持有的 煤炭、坑口煤电以及煤制油煤制气煤化工等相关资产并于 A 股募集配套资金（以 下简称"本次交易"）。根据《上市公司重大资产重组管理办法》等相关法律法 规的规定，本次交易构成关联交易，预计不构成重大资产重组，本次交易不会导 致公司实际控制人变更。 因有关事项 ...

Group 1 - The core point of the announcement is that Guotou Ruijin Fund Management Co., Ltd. will adjust the valuation of its funds based on the AMAC industry index starting from August 7, 2025, specifically for the suspended stock China Shenhua (code: 601088) using the "index income method" [1] - The adjustment is in accordance with the guidelines from the China Securities Regulatory Commission regarding the valuation of securities investment funds [1] - The company will revert to market price valuation once the stock resumes trading and demonstrates active market trading characteristics, without further announcements [1] Group 2 - According to China Shenhua's A-share Q2 2025 report, Guotou Ruijin has two funds holding the stock: Guotou Ruijin CSI Upstream Resource Industry Index Securities Investment Fund (LOF) A with 326,400 shares and Guotou Ruijin CSI Hong Kong Stock Connect Central State-Owned Enterprise Dividend Index Fund A with 9,000 shares [1]

Group 1 - The company, Saimo Intelligent (300466.SZ), confirmed its business collaboration with China Shenhua Group and its subsidiaries [2] - Saimo Intelligent has been providing coal measurement, sampling, and preparation equipment, as well as digital products for coal yard management to China Shenhua for many years [2] - The company has also participated in the upgrade and renovation projects of some power plants under China Shenhua [2]

Core Viewpoint - The long-term price inversion of annual coal contracts has been resolved, boosting market confidence as the Qinhuangdao port's 5500 kcal thermal coal spot price rose to 667 RMB/ton on August 4, 2025, exceeding the annual contract price for the same grade coal [1][2][3]. Group 1: Market Dynamics - The recent price inversion lasted from February 28, 2025, to August 4, 2025, leading to a decline in contract fulfillment rates during this period [3]. - The combination of peak summer demand and anti-involution policies has accelerated the rise in market coal prices, restoring market confidence [3]. Group 2: Price Expectations - The bottom for coal prices has been established, with expectations for price increases potentially exceeding market forecasts [3]. - The rise in coal prices began with thermal coal, but the increase in coking coal has outpaced expectations, indicating a stronger market than anticipated [3]. Group 3: Stock Market Implications - Coal stocks are responding positively to favorable market conditions, with significant upward potential remaining [3]. - The market is increasingly focused on policy implementation and supply-demand dynamics, with several short-term supply constraints expected to benefit coal prices [3]. Group 4: Investment Recommendations - Companies to watch include Huayang Co., Jinkong Coal, Shanmei International, Lu'an Environmental Energy, Shanxi Coal, Pingmei Shares, and Huaibei Mining, which are considered elastic stocks [4]. - Leading coal enterprises such as Shaanxi Coal, China Coal Energy, and China Shenhua are still viewed as having high allocation value [4].

Group 1 - The stock of China Shenhua (stock code: 601088) will be suspended from trading starting August 4, 2025 [1] - From August 7, 2025, the company will adopt the "index income method" for valuing the shares held by its funds, excluding exchange-traded open-end index funds [1] - The valuation method will revert to using the closing price on the day of trading resumption once the stock demonstrates active market trading characteristics [1] Group 2 - The company will comply with the "Enterprise Accounting Standards," relevant regulations from the China Securities Regulatory Commission, and the valuation agreements in the fund contracts for the valuation of investment products [1] - Investors are advised to pay attention to the valuation updates [1]

Investment Rating - The coal industry is rated as "Leading the Market - A" with an upward adjustment [4] Core Viewpoints - The long-term price inversion of annual contracts has been resolved, boosting market confidence. The previous inversion lasted from February 28, 2025, to August 4, 2025, leading to a decline in contract fulfillment rates. The combination of peak summer demand and anti-involution policies has accelerated the rise in market coal prices, restoring market confidence [1][2] - The bottom of coal prices has been reached, with expectations for price increases potentially exceeding market forecasts. The current rise in coal prices began with thermal coal, and the upward momentum for coking coal has outpaced that of thermal coal. The low point of the year has passed, and it is expected that prices will not decline again in the second half of the year [2] - The resolution of the long-term price inversion is likely to trigger positive feedback, enhancing contract fulfillment rates, improving spot demand, and further increasing spot prices. Coal stocks have shown a strong response to positive news, with significant upward potential remaining [2] Summary by Sections - **Market Dynamics**: The recent increase in the price of thermal coal at Qinhuangdao Port has surpassed the annual contract price, indicating a shift in market dynamics. The market is currently experiencing a recovery in confidence due to the resolution of the long-term price inversion [1][2] - **Investment Recommendations**: With the acceleration of coal price increases, coal stocks are expected to perform well. Key stocks to watch include Huayang Co., Jinkong Coal Industry, Shanmei International, Lu'an Environmental Energy, Shanxi Coking Coal, Pingmei Shenma, and Huaibei Mining. Leading coal companies such as Shaanxi Coal and China Shenhua also present high allocation value [2]

中国经济网北京8月7日讯今日，国联基金管理有限公司发布关于旗下部分基金调整停牌股票估值方法的 公告。 公告称，根据《中国证监会关于证券投资基金估值业务的指导意见》(中国证券监督管理委员会公告 【2017】第13号)等有关规定，经国联基金管理有限公司(以下简称"本公司")与各托管人协商一致，决定 于2025年8月6日起对本公司旗下部分基金(除ETF基金)所持有的"中国神华（601088）(股票代码 601088)"采用"指数收益法"进行估值，并采用中国证券投资基金业协会AMAC行业指数作为计算依据。 在上述股票复牌且其交易体现了活跃市场交易特征后，恢复按市场价格进行估值，届时不再另行公告。 根据中国神华A股2025年二季报披露，国联基金旗下有5只基金持有其股份，分别是国联中证煤炭指数 型证券投资基金A、国联景泓一年持有期混合型证券投资基金A、国联景惠混合型证券投资基金A、国 联融慧双欣一年定期开放债券型证券投资基金A、国联鑫价值灵活配置混合型证券投资基金A，持股数 量分别为101.96万股、19500股、8000股、3800股、800股。 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [7] Core Viewpoints - The report suggests that the market does not have significant differences in expectations for short-term coal price increases, but the divergence lies in the price trends during the off-season, which will influence next year's long-term contract negotiations [12][15] - The report identifies three key conditions that will determine whether the off-season will be "not off-season" for coal prices: 1. Production cuts could reduce supply in the second half of 2025 by between 32 million tons and 110 million tons [2][13] 2. If the import pace from the first half of 2024 is maintained, imports in the second half of 2025 could decrease by 72 million tons [3][34] 3. If peak load continues to exceed expectations, coal consumption for thermal power generation could increase by 6.5 million tons year-on-year in the second half of 2025 [4][48] Summary by Sections Section 1: Current Market Conditions - In July, extreme high temperatures combined with reduced water inflow led to a rebound in coal prices, which increased by 51 yuan/ton (8.3%) to 666 yuan/ton as of August 4 [1][22] - The overall electricity demand has significantly increased due to high temperatures, with the highest national electricity load reaching 1.508 billion kilowatts, an increase of 5.7 million kilowatts compared to last year [16] Section 2: Supply and Demand Analysis - The report emphasizes that even without the impact of the current "production cuts," the supply-demand balance for coal will tighten by 11 million tons in the third quarter of 2025 due to increased coal consumption [12][56] - The report outlines three scenarios for potential production cuts, estimating a reduction in supply ranging from 32 million tons to 110 million tons in the second half of 2025 [2][31] Section 3: Import Trends - The report anticipates that if the import levels from the first half of 2025 are maintained, there will be a total reduction of approximately 100 million tons in imports for the year [3][44] - The average monthly import in the first half of 2025 is projected to be 28.13 million tons, down from 35 million tons in 2024 [3][44] Section 4: Thermal Power Consumption - The report maintains an assumption of a 5.5% increase in overall electricity consumption for the year, with thermal power generation expected to increase by 6.1% in the second half of 2025 [4][48] - If peak load continues to exceed expectations, thermal power generation could consume an additional 6.5 million tons of coal year-on-year in the second half of 2025 [4][48] Section 5: Recommendations - The report recommends investing in leading coal companies such as China Shenhua and Shaanxi Coal, predicting that these companies will benefit from the expected increase in coal prices [5][14] - The report estimates that as coal prices rise from 600 yuan/ton to 700 yuan/ton, the profitability of major companies will increase by approximately 4% to 15% [5][65]

Core Viewpoint - China Shenhua Energy Co., Ltd. is planning to acquire assets from its controlling shareholder, China Energy Investment Corporation, through the issuance of A-shares and cash payments, aiming to enhance the quality of the listed company and eliminate competition with its parent company [1][2]. Group 1: Acquisition Details - The proposed acquisition involves 13 core subsidiaries covering the entire coal industry chain, including coal mining, coal-to-oil, coal-to-gas, and related logistics [1]. - Notable subsidiaries include China Shenhua Coal-to-Oil Chemical Co., which has developed significant projects in coal chemical technology, indicating high technical value in the assets being acquired [1]. - The transaction is expected to be one of the largest mergers in the A-share market in recent years, although the specific transaction amount has not been disclosed [1][2]. Group 2: Historical Context - The acquisition is part of a long-term commitment to resolve competition issues that have existed since 2005, when China Shenhua signed an agreement with its former parent company to avoid business overlaps [2]. - Following the merger of Shenhua Group and China Guodian to form China Energy Group in 2017, the companies had to redefine their business boundaries, leading to a series of agreements to facilitate asset injections [2]. Group 3: Financial Position - As of the end of 2024, China Shenhua's total assets are projected to reach 658.1 billion RMB, with a market capitalization of approximately 746.3 billion RMB before the suspension of trading [4][5]. - The company reported revenues of 344.5 billion RMB, 343.1 billion RMB, and 338.4 billion RMB for the years 2022 to 2024, with net profits of 69.65 billion RMB, 59.69 billion RMB, and 58.67 billion RMB respectively, indicating strong financial performance [5]. - Despite a decline in coal prices affecting earnings, the company maintains a robust financial position with 155.4 billion RMB in cash reserves, supporting the acquisition [5]. Group 4: Industry Context - The restructuring aligns with broader trends in the coal industry, where companies are responding to declining coal prices and exploring new business directions [3]. - The asset integration is expected to enhance resource allocation efficiency across the coal industry chain, improving the company's ability to manage supply and demand fluctuations in key energy-consuming regions [4]. - This move is seen as part of a larger initiative for state-owned enterprises to consolidate quality assets and enhance competitiveness in the energy sector [5][6].